Displaying items by tag: Loss

Tunisia: Carthage Cement recorded a 48% year-on-year drop in its sales in the first half of 2022, to US$52.1m from US$101m. The producer’s net income for the half was US$4.73m, down by 51% from US$9.74m. It carries forward accumulated losses of US$315m.

Carthage Cement attributed its continued losses to delays to its commissioning of its upcoming new cement plant, as well as additional costs on top of the initial investment. It relied on short-term credits for part of the project’s funding. The company has restructured its bank loans and increased its capital to US$52.9m, in addition to an issue premium of US$10.8m.

Brazil: Votorantim Cimentos recorded consolidated sales of US$1.17bn in the first half of 2022, up by 22% year-on-year from US$961m in the first half of 2021. Its cost of sales rose by 36% to US$1.05bn from US$777m. As a result, the group made a loss during the half of US$29.6m, compared to a US$85m profit in the first half of 2021. Group cement volumes grew by 1.1% year-on-year to 17.6Mt from 17.4Mt.

CFO Bianca Nasser said “Despite the slowdown in the world economy, Votorantim Cimentos continues to operate within solid financial metrics and with high liquidity, maintaining its investment grade status with a stable outlook attributed by the credit rating agencies Moody’s and Fitch. The company’s leverage remained at stable levels and in line with our financial policy. In May, we carried out a transaction in the international market that repurchased the most expensive debt in our portfolio, taking advantage of attractive market rates. And we used funds from debt issuances in the local market with more attractive rates to finance our operation.”

Egypt: South Valley Cement more than tripled its sales year-on-year in the first quarter of 2022, to US$11m from US$3.31m. The company’s net loss during the quarter was US$1.66m, down by 13% year-on-year from US$1.9m in the first quarter of 2021.

China: Tangshan Jidong Cement’s consolidated net income was US$779m in the first quarter of 2022, down by 2.5% year-on-year from US$799m in the first quarter of 2021. The decline contributed to a widening in the group’s net loss to US$36.6m, more than four times its 2021 first-quarter loss of US$8.07m.

Tanzania: Tanga Cement’s full-year results show a 9% year-on-year rise in sales to US$99.5m in 2021 from US$91.7m in 2020. Its net profit was US$1.5m, as against a US$903,000 loss in 2020.

The Kenyan Wall Street newspaper has reported that the company replaced a kiln shell at its Tanga cement plant and outsourced mining operations at its quarry during the year.

Egypt: Sinai Cement’s consolidated sales were US$78.9m in 2021, up by 62% year-on-year from US$48.7m in 2020. The company recorded a loss of US$19.4m, down by 37% year-on-year from US$30.7m in 2020.

France: Hoffmann Green Cement Technologies recorded sales of Euro2.38m in 2021, more than four times its 2020 figure of Euro504m. The company’s losses before interest, taxation, depreciation and amortisation (LBITDA) declined by 27% to Euro5.23m from Euro4.13m, while its net loss fell by 9.1% to Euro5.56m from Euro6.12m.

The producer confirmed its global sales target of Euro130m and EBITDA margin target of 40% by 2026, by which time it expects to have achieved sales of 550,000t/yr of its clinker-free cement in France. This would correspond to 3% of the domestic cement market. By 2026, it aims to operate four plants abroad.

Jamaica: Caribbean Cement recorded revenues of US$153m in 2021, up by 19% year-on-year from US$129m in 2020. Its operating expenses rose by 6.4% to US$16m from US$15.1m. The company recorded a loss for the year of US$3.31m, just under half of the US$6.79m loss that it recorded in 2020.

France: Hoffmann Green Cement Technologies recorded sales of Euro540,000 in the first half of 2020, more than five times the Euro96,000 recorded in the first half of 2020. Its cement sales were 1880t, more than double its first-half cement sales in 2020. During the period, its orders increased by 29% to 200,000t from 155,000t at 31 December 2020. The company recorded negative earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro2.56m, up by 22% from Euro2.10m in the first half of 2020. It loss declined by 39% to Euro2.68m from Euro4.14m.

Australia: Adelaide Brighton has recorded a net profit of US$21.1m in the first half of 2020, compared to a US$13.0m loss in the first half of 2019. Revenues fell by 7.3% to US$508m from US$548m due to a 12% construction decline over the period, according to the company. Residential construction fell by 16%, however mining and infrastructure activity remained consistent with levels in the first half of 2019. Adelaide Brighton said, “Cement demand is likely to continue to benefit from a strong production outlook for gold, nickel, and iron ore in particular, and stable demand from the alumina sector.”